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UK to help BVI counteract STD

Tax & jurisdiction

The UK government has stated that it will help the British Virgin Islands to counteract any negative...

The UK government has stated that it will help the British Virgin Islands to counteract any negative effects from the EU Savings Tax Directive (STD).

Dawn Primarola, the UK's paymaster general, gave a list of assurances in a recent letter to the islands' chief minister Dr Orlando Smith, according to website Caribbean News.

The form of the help is fairly nebulous, however. The list includes a promise that the BVI will be encouraged to participate in any future developments of the STD and that the UK government will use its influence to remove the BVI from inappropriate global blacklists.

The letter goes on to say that it is the UK government's aim to push out the directive to as wide a geographical region as possible. Similarly, on tax information exchange and transparency, the policy of the UK government is to include as many participants in the international financial world as possible in promoting and enforcing stricter standards of regulation and corporate governance.